Middleby Adding Specialty Grill Retailers and Floorspace

Middleby reported their Q1 2023 earnings today, and for us it was all eyes on their Residential Kitchen segment which houses Masterbuilt, Char-Griller and Kamado Joe. As expected, the financial performance was rough compared to Q1 last year when there was still pandemic fueled grill buying.

Distribution

Middleby noted on the earnings conference call that they have increased their distribution. They’ve added more floor space in existing retailers, and have been working on adding specialty retailers to the mix. They have been targeting their Kamado Joe line specifically for specialty retailers.